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Blossom Corporation applies ASPE and sponsors a defined benefit pension plan. The following pension plan information is available for 2020 and 2021 2020 2021 $506,500
Blossom Corporation applies ASPE and sponsors a defined benefit pension plan. The following pension plan information is available for 2020 and 2021 2020 2021 $506,500 595,000 235.000 Plan assets (fair value), December 31 Defined benefit obligation, January 1 Net defined benefit liability (asset), January 1 Current service cost Actual return on plan assets Funding of current service cost Funding of past service costs Benefits paid Interest/discount rate $640,000 695,000 ? 85,000 46,000 60,950 23,000 58,000 85,000 80,000 53,000 ? ? 9% 9% The pension fund paid out benefits in each year. There were no actuarial gains or losses incurred on the DBO in the two-year period. Calculate pension expense for 2020 and 2021. Pension expense, 2020 $ Pension expense, 2021 $ $ Prepare the complete pension work sheets for Blossom for 2020 and 2021. General Journal Ent Annual Pension Expense Items Cash Balance, Jan. 1, 2020 $ (d) Company contributions (e) Benefits paid (1) Company contributions Expense entry, 12/31/21 $ Contribution entry, 2021 Balance. Dec. 31.2021 Blossom Corporation Pension Work Sheet-2020 and 2021 5 Net. Def. Benefit Liab/Asset Defined Benefit Obligation $ $ > (d) Company contributions (e) Benefits paid (1) Company contributions Expense entry, 12/31/21 $ Contribution entry, 2021 Balance. Dec. 31.2021 Blossom Corporation Pension Work Sheet-2020 and 2021 5 Net. Def. Benefit Liab/Asset Defined Benefit Obligation $ $ >
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